UFP increases credit facility to $750 million, extends to 2027

By Mary-Katherine Stinson

Lexington, Ky., Dec. 12 – UFP Industries, Inc., formerly Universal Forest Products, Inc., amended its revolving credit facility effective Dec. 6 to increase its size to $750 million from $550 million and extend the expiration date to Dec. 6, 2027, according to an 8-K filing with the Securities and Exchange Commission.

The facility increase includes up to $60 million which may be advanced in letters of credit and up to a dollar-equivalent of $100 million which may be advanced in Canadian dollars, Australian dollars and other foreign currencies as subsequently agreed upon among the parties.

Cash borrowings are charged interest based upon an index selected by the registrant, plus a margin that is determined based upon the index selected and upon the financial performance of the registrant and certain subsidiaries.

There is an annual facility fee ranging from 15 basis points to 30 bps on the total commitment determined based on the registrant’s performance.

JPMorgan Chase Bank, NA is the administrative agent, Wells Fargo Bank, NA is the syndication agent, and PNC Bank, NA is the documentation agent.

There were approximately $5 million of borrowings outstanding on that revolving credit facility and letters of credit totaling approximately $3 million as of Dec. 6.

The Grand Rapids, Mich.-based company provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products.

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